An official said that this detailed FAQ will help the domestic industry to understand the benefits of this agreement in a simple way.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed by both the countries on 18 February and it has also come into force from 1 May.
The official said that through the FAQs, all key questions including the benefits that the agreement will accrue to the domestic industry will be answered. This includes the concessions granted by India and the UAE to each other in the trade of goods, important categories of products in the exclusion list, export opportunities for India and the definition of ‘products of origin’ under the agreement.
Getting answers to these questions will help the industry to understand the benefits of their respective sectors easily.
Overall, India will benefit from the preferential market access offered by the UAE on over 97 per cent of its products through this agreement. This will benefit labour-intensive sectors such as gems and jewellery, textiles, leather, footwear, sporting goods, plastics, furniture, agricultural and wood products, engineering products, pharmaceuticals, medical equipment and automobiles.
The CEPA is expected to increase bilateral trade in goods between India and UAE to $100 billion and services trade to $15 billion within five years.